Overview
CORPAY, INC.
Latest 10-K: FY2025, filed Feb 27, 2026 · Open the 10-K (Inline XBRL) ↗
- Revenue
- $4.53B
- 13.9%YoYup from FY2024
- TotalRevenue
- Gross profit
- Not reported
- Operating income
- $1.99B
- 11.6%YoYup from FY2024
- OperatingIncome
- Net income
- $1.07B
- 6.6%YoYup from FY2024
- NetIncome
- Diluted EPS
- $15.03
- 7.6%YoYup from FY2024
- EPSDiluted
- Diluted shares
- 71.1M
- 1.1%YoYdown from FY2024
- WeightedAvgSharesDiluted
At a glance
Growth
- CORPAY, INC. reported revenue of $4.53B for fiscal 2025, up 13.9% from fiscal 2024.
- Revenue grew faster than the median S&P 500 member in 5 of the last 5 fiscal years.
Profitability
- Operating margin was 44.0% and net margin was 23.6%, against a median net margin of 12.8% across S&P 500 members for the same fiscal year.
Per share
- Diluted EPS was $15.03, up 7.6% from the prior year.
Written from the filed figures on this page by fixed rules — no AI.
Data as of Oct 23, 2026 · Sources: SEC EDGAR 10-K
Financial statements
Annual figures from the 10-K, most recent fiscal year first.
Income Statement
5 annual periodsChip: YoY change.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | 4Y CAGR |
|---|---|---|---|---|---|---|
| Revenue | $4.53B13.9%up S&P 500 6.4% | $3.97B5.8%up S&P 500 4.5% | $3.76B9.6%up S&P 500 4.8% | $3.43B20.9%up S&P 500 10.3% | $2.83B18.6%up S&P 500 13.8% | 12.4% S&P 500 6.6% |
| Gross Profit Median of 315 / 498 | — | — | — | — | — | — S&P 500 6.2% |
| Operating Income Median of 373 / 498 | $1.99B11.6%up S&P 500 7.3% | $1.79B7.9%up S&P 500 7.4% | $1.66B14.5%up S&P 500 4.9% | $1.45B16.4%up S&P 500 7.5% | $1.24B27.8%up S&P 500 23.5% | 12.6% S&P 500 7.2% |
| Net Income | $1.07B6.6%up S&P 500 4.8% | $1.00B2.2%up S&P 500 5.7% | $0.98B2.9%up S&P 500 1.9% | $0.95B13.7%up S&P 500 1.3% | $0.84B19.2%up S&P 500 33.9% | 6.2% S&P 500 4.1% |
| EPS (Diluted) | $15.037.6%up S&P 500 6.2% | $13.975.8%up S&P 500 7.9% | $13.206.3%up S&P 500 1.9% | $12.4224.3%up S&P 500 1.5% | $9.9923.0%up S&P 500 34.8% | 10.8% S&P 500 5.6% |
Balance Sheet
5 annual periodsChip: YoY change.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | 4Y CAGR |
|---|---|---|---|---|---|---|
| Total Assets | $26.41B47.1%up S&P 500 5.6% | $17.96B16.0%up S&P 500 3.4% | $15.48B9.8%up S&P 500 4.1% | $14.09B5.1%up S&P 500 2.2% | $13.40B19.7%up S&P 500 6.7% | 18.5% S&P 500 4.7% |
| Total Liabilities Median of 357 / 498 | — | — | — | — | — | — S&P 500 4.4% |
| Stockholders' Equity | $3.93B24.8%up S&P 500 6.8% | $3.15B4.2%down S&P 500 5.4% | $3.28B29.2%up S&P 500 7.3% | $2.54B11.3%down S&P 500 2.5% | $2.87B14.6%down S&P 500 9.0% | 8.2% S&P 500 6.1% |
| Cash & Equivalents | $2.41B55.0%up S&P 500 5.2% | $1.55B11.8%up S&P 500 1.9% | $1.39B3.2%down S&P 500 6.7% | $1.44B5.6%down S&P 500 -8.6% | $1.52B62.6%up S&P 500 -2.9% | 12.2% S&P 500 2.0% |
| Total Debt Median of 393 / 498 | $10.00B†25.1%up S&P 500 2.3% | $8.00B†18.9%up S&P 500 0.1% | $6.72B†4.5%down S&P 500 0.1% | $7.04B†17.7%up S&P 500 0.1% | $5.98B†395.8%up S&P 500 0.0% | 13.7% S&P 500 3.7% |
† Sum of short-term and long-term debt; the company files no total-debt line.
Cash Flow Statement
5 annual periodsChip: YoY change.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | 4Y CAGR |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $1.50B22.7%down S&P 500 6.3% | $1.94B7.6%down S&P 500 4.8% | $2.10B178.4%up S&P 500 9.9% | $0.75B36.9%down S&P 500 -0.7% | $1.20B18.7%down S&P 500 10.7% | 5.8% S&P 500 7.0% |
| Capital Expenditures | $200.76M14.6%up S&P 500 5.4% | $175.18M13.9%up S&P 500 2.8% | $153.82M1.6%up S&P 500 11.3% | $151.43M35.8%up S&P 500 14.0% | $111.53M42.2%up S&P 500 8.1% | 15.8% S&P 500 9.0% |
| Free Cash Flow Median of 378 / 498 | $1.30B26.4%down S&P 500 7.3% | $1.77B9.3%down S&P 500 6.1% | $1.95B222.7%up S&P 500 8.8% | $0.60B44.4%down S&P 500 -11.3% | $1.09B22.1%down S&P 500 10.2% | 4.6% S&P 500 4.9% |
n/m: not meaningful — the base (the prior year, or the first year for the CAGR) was zero or negative, or a per-share figure’s share basis changed (stock split). “—” means the figure is not available.
S&P 500 median = median of the companies in the index on Dec 31 of each fiscal year, from their own 10-K filings; a change counts only companies whose prior year was positive. Each median uses every member that reports the line item; where fewer than 80% do (banks and insurers file no gross profit), the row names how many. Published where at least 250 companies report it. Updated 2026-10-20. This compares reported figures, not share-price returns. Methodology
Ratios & valuation
FY2025Every ratio read two ways: Wall Street’s popular formula and the value investor’s stricter one. Same question, same unit. Pick a ratio.
Valuation · Earnings yield
What a dollar of market value earned
5.0%
Wall Street
on net earnings
FY2024 4.1%
6.1%
Value investor
on free cash flow
FY2024 7.3%
Gap +1.1 pts: Value-investor figure 1.1 points higher
How it’s calculated
Wall Street · on net earnings
Diluted EPS ÷ fiscal-year-end share price (1 ÷ P/E)
pe_ratio (ratio table)
P/E 20.0×Value investor · on free cash flow
(Operating cash flow − capital expenditures) ÷ market capitalisation (fiscal-year-end close × weighted-average diluted shares)
free cash flow ÷ market cap
Valuation · Enterprise yield
What a dollar of enterprise value earned
8.2%
Wall Street
on EBITDA
FY2024 7.0%
6.9%
Value investor
on EBIT
FY2024 5.8%
Gap −1.3 pts: Value-investor figure 1.3 points lower
How it’s calculated
Wall Street · on EBITDA
EBITDA ÷ enterprise value (1 ÷ EV/EBITDA)
ev_ebitda (ratio table)
EV/EBITDA 12.1×Value investor · on EBIT
Operating income (EBIT) ÷ enterprise value: depreciation counts as a real cost
operating income ÷ (ev_ebitda × ebitda)
Valuation · Book yield
Net assets behind a dollar of market value
18.4%
Wall Street
on book equity
FY2024 12.9%
n/m
Value investor
on tangible book
FY2024 n/m
How it’s calculated
Wall Street · on book equity
Book value of equity ÷ market capitalisation (1 ÷ P/B)
pb_ratio (ratio table)
P/B 5.4×Value investor · on tangible book
Tangible book value (equity less goodwill and intangibles) ÷ market capitalisation
tangible_book_value_per_share ÷ (pb_ratio × book_value_per_share)
Quality · Return on capital
Profit earned on the money in the business
30.3%
Wall Street
ROE: net income ÷ equity
FY2024 31.2%
10.7%
Value investor
ROIC: after-tax operating profit ÷ invested capital
FY2024 12.3%
Gap −19.6 pts: Value-investor figure 19.6 points lower
How it’s calculated
Wall Street · ROE: net income ÷ equity
Net income ÷ average stockholders' equity (start and end of year), including noncontrolling interests. Buybacks shrink equity and lift it.
return_on_equity (ratio table)
Value investor · ROIC: after-tax operating profit ÷ invested capital
Operating profit after tax ÷ invested capital (total assets − cash − non-interest-bearing current liabilities), so leverage cannot flatter it
roic (ratio table)
Quality · Cash margin
Cash profit kept from each dollar of sales
52.7%
Wall Street
EBITDA margin
FY2024 53.8%
28.7%
Value investor
Free-cash-flow margin
FY2024 44.4%
Gap −24.0 pts: Value-investor figure 24.0 points lower
How it’s calculated
Wall Street · EBITDA margin
EBITDA ÷ revenue
ebitda ÷ revenue
Value investor · Free-cash-flow margin
(Operating cash flow − capital expenditures) ÷ revenue: taxes, interest, working capital and capex all paid
free cash flow ÷ revenue
Balance sheet · Liquidity
Short-term assets per dollar of bills due within a year
0.98×
Wall Street
Current ratio
FY2024 1.00×
0.98×
Value investor
Quick ratio, inventory excluded
FY2024 1.00×
Gap Same: Both views read the same
How it’s calculated
Wall Street · Current ratio
Current assets ÷ current liabilities
current_ratio (ratio table)
Value investor · Quick ratio, inventory excluded
(Current assets − inventory) ÷ current liabilities
quick_ratio (ratio table)
Balance sheet · Debt cover
How many times one year of earnings repays all debt
0.24×
Wall Street
EBITDA ÷ total debt
FY2024 0.27×
0.13×
Value investor
FCF ÷ total debt
FY2024 0.22×
Gap −0.11×: Value-investor figure 0.11 lower
How it’s calculated
Wall Street · EBITDA ÷ total debt
EBITDA ÷ total debt (short-term + long-term)
ebitda ÷ total debt
Net debt/EBITDA 3.18×Value investor · FCF ÷ total debt
Free cash flow ÷ total debt: what is actually left to repay it
free cash flow ÷ total debt
Balance sheet · Interest cover
How many times earnings pay the year's interest
5.9×
Wall Street
EBITDA ÷ interest
FY2024 5.6×
4.9×
Value investor
EBIT ÷ interest
FY2024 4.7×
Gap −1.0×: Value-investor figure 1.0 lower
How it’s calculated
Wall Street · EBITDA ÷ interest
EBITDA ÷ interest expense
ebitda_interest_coverage (ratio table)
Value investor · EBIT ÷ interest
Operating income ÷ interest expense
interest_coverage (ratio table)
Each ratio measures one thing two ways, in the same unit: the popular formula, then a stricter one, so a lower figure is the stricter reading. Gap = value-investor figure minus Wall Street figure, from the figures shown.
Price-based ratios use the fiscal-year-end closing price. Free cash flow = operating cash flow − capital expenditures (we compute it; filings rarely report it). n/m = not meaningful (denominator ≤ 0); “—” = not reported. Each ratio’s formulas are under “How it’s calculated”.
Smart money
Showing the most recent 5 annual periods. Get longer history on the Pro plan, or the full history (1993–present) plus the smart-money dataset and webhooks on Institutional.
Peers, filings & research
Research Reports
No published research on CPAY yet.
Reports appear here as analysts publish research on this company — built with Valuein's agentic workflows on data pinned to its SEC filing. Be the first: run equity_research_brief on CPAY and publish the result to your public profile.
Cite this page
Data as of Oct 23, 2026. Canonical address: https://valuein.biz/data/CPAY
Valuein. (2026, October 23). CORPAY, INC. (CPAY) financial statements, earnings power and smart-money summary [Data set]. Source: SEC EDGAR filings. https://valuein.biz/data/CPAY
@misc{valuein_cpay_2026,
author = {{Valuein}},
title = {CORPAY, INC. (CPAY) financial statements, earnings power and smart-money summary},
year = {2026},
howpublished = {\url{https://valuein.biz/data/CPAY}},
note = {Data as of 2026-10-23; source: SEC EDGAR filings}
}10-K filed Feb 27, 2026 · accession 0001175454-26-000018
Agents: every figure Valuein's tools return carries a fact_id that traces to its SEC filing.
point-in-time · survivorship-free · every number traceable to its SEC filing